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Posted on: May 14, 2018

Economic Development Committee to Hold Portland Downtown Expansion Public Hearing

The City Council’s Economic Development Committee will hold a public hearing tomorrow night, May 15 at 5:30 PM in Room 209, to discuss the proposed expansion of the Portland Downtown business improvement district. This item was on the Committee’s agenda at its last meeting on May 1, 2018, but it was postponed in order to allow more time for public noticing. Portland Downtown is recommending the expansion include properties that were excluded due to an administrative error during the last update to the district’s footprint; add properties that are currently adjacent, primed for growth, and in need of supplemental services; and develop a budget that will support enhanced program service delivery to all downtown property owners.

Portland Downtown provides supplemental services to property owners within the district, including tax exempt properties. In the current district, there is approximately $175M in tax-exempt property and $840M in taxable value, for a total Downtown Improvement District (DID) valuation of $1B+. The proposed expansion will add approximately $93.8M in taxable value (an 11% increase to current taxable value) to the DID. The expansion will allow Portland Downtown to extend its programs and services to a DID adjacent area that has demonstrated a demand for Portland Downtown’s programs and services via See, Click, Fix requests.

The proposed expansion would provide Portland Downtown with approximately $86,300 in additional revenue towards its annual budget, based on the current mil rate of .92, which has been at that rate since 2007. It is expected that the mil rate may increase this year, when Portland Downtown’s budget is approved the City Council in June.

More information can be found as part of the backup for the May 15 agenda.